Technological spin-offs require the participation of three agents:
1) The provider of the innovative solution
2) The marketplace builder
3) The investor
“By definition” innovations require the development of a new marketplace which needs the necessary investment to develop it until the new value adding solution is part of the establishment of a market.
When corporations develop the spin-offs the investor and the marketplace builder might be one.
Spin-offs are successful when the innovative technology solves an extreme scarcity by providing solutions that were not possible before. That is why the spin-off business is meaningful when it provides “world-changing” technologies.
See example: http://sri.com/about/spin.html
NOTE: The Unicist Research Institute was the pioneer in complexity science research and became a global decentralized world-class research organization in the field of human adaptive systems. https://www.unicist.org/conceptual-thinking/wp-content/uploads/2012/04/turi-1.pdf